India GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

5.4

Units In

6.7

Frequency

Quarterly

Next Release

Feb 28, 2025

Time to Release

2 Months 28 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
20.1 Jun 2021	-24.4 Jun 2020	5.9 %	1951-2024	Ministry of Statistics and Programme Implementation (MOSPI)

The most important and the fastest growing sector of Indian economy are services. Trade, hotels, transport and communication; financing, insurance, real estate and business services and community, social and personal services account for more than 60 percent of GDP. Agriculture, forestry and fishing constitute around 12 percent of the output, but employs more than 50 percent of the labor force. Manufacturing accounts for 15 percent of GDP, construction for another 8 percent and mining, quarrying, electricity, gas and water supply for the remaining 5 percent.

Latest Updates

The Indian GDP expanded by 5.4% from the previous year in the September quarter of 2024, slowing from the 6.7% expansion in the previous period and well below market expectations of a 6.5% increase to record the softest pace of growth since the December quarter of 2022. The drop consolidated India's softening momentum after enjoying a prolonged period of being the fastest-growing major economy in the world. The slump was largely due to lower output in manufacturing (2.2% vs 7% in the June quarter) and electricity, gas, water supply, and other utility services (3.3% vs 10.4%), driving value added from the secondary sector to slow considerably (3.9% vs 8.4%). In turn, growth was steady for the tertiary sector (7.1% vs 7.2%) and picked up for the primary sector (3% vs 2.7%), as the stronger momentum for agriculture, livestock, forestry, and fishing (3.5% vs 2%) offset a drop in construction (-0.1% vs 7.2).